ETFs See $7.9B of Outflows

It’s the third straight week of outflows for U.S. exchange-traded products.

DanMika200x200.jpg
|
Reviewed by: Dan Mika
,
Edited by: Dan Mika

U.S.-listed ETFs continued to lose assets during the week ending April 22 with a net outflow of $7.9 billion, driven primarily by $17.2 billion in outflows from key S&P 500 funds from Vanguard and BlackRock. 

The U.S. ETF industry had a net gain of $179.5 billion year-to-date as of last Friday and held a total of $6.8 trillion in assets under management. 

Flows For S&P 500 Funds Split 

The mix of head winds against the global economy led to a 2.73% drop in the S&P 500 in the week, sending the three largest ETFs in the U.S. markets in different flow directions. 
The SPDR S&P 500 ETF Trust (SPY) led all ETFs, with $1.8 billion in inflows, showing a slight uptick in its use as a trading tool. The Vanguard S&P 500 ETF (VOO) and the iShares Core S&P 500 ETF (IVV) saw an extreme amount of redemptions, at $9.5 billion and $7.7 billion, respectively, amounting to AUM reductions of 3.5% and 2.5%. 

However, it’s unclear if the outflows are a change in sentiment or part of a short-term tax strategy. VOO has added $13.6 billion in net flows year-to-date, fitting with Vanguard’s strategy of consistently investing in indexes, while IVV has net inflows of $2.17 billion. 

The iShares S&P 500 Growth ETF (IVW) also lost just over $1 billion, and the SPDR Portfolio S&P 500 Value ETF (SPYV) lost $637.6 million as a risk-off attitude in broad large cap equities took hold. 

Dividends Gain 

Several dividend-focused ETFs made the top 10 inflows list for the period, with the iShares Core High Dividend ETF (HDV) adding $452 million, the JPMorgan Equity Premium Income ETF (JEPI) taking in $371 million and the Schwab U.S. Dividend Equity ETF (SCHD) adding $341 million. 

Quality Corporate Debt, Tax-Free Bonds Advance 

On the fixed income side, investors largely jumped into investment-grade corporate debt as the iShares iBoxx USD Investment Grade Corporate Bond ETF (LQD) added $1.2 billion. That was likely fueled in part by fears of a broader economic slowdown, combined with a $720 million outflow from the SPDR Bloomberg High Yield Bond ETF (JNK)

There were also plays into the safety of government debt. The Vanguard Tax-Exempt Bond ETF (VTEB) added $489.5 million, while the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) added $371.1 million. 

 
For a full list of last week’s top inflows and outflows, see the tables below: 

 

Top 10 Creations (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
SPYSPDR S&P 500 ETF Trust1,828.99396,672.570.46%
LQDiShares iBoxx USD Investment Grade Corporate Bond ETF1,204.0032,983.243.65%
FVFirst Trust Dorsey Wright Focus 5 ETF596.693,458.0117.26%
VTEBVanguard Tax-Exempt Bond ETF489.4714,911.333.28%
HDViShares Core High Dividend ETF452.1810,250.704.41%
XRTSPDR S&P Retail ETF436.84801.4954.50%
BILSPDR Bloomberg 1-3 Month T-Bill ETF402.2214,968.952.69%
JEPIJPMorgan Equity Premium Income ETF371.118,822.004.21%
XLUUtilities Select Sector SPDR Fund346.4115,639.362.22%
SCHDSchwab U.S. Dividend Equity ETF341.0735,605.580.96%

 

Top 10 Redemptions (All ETFs)

TickerNameNet Flows ($,mm)AUM ($, mm)AUM % Change
VOOVanguard 500 Index Fund-9,511.78271,545.22-3.50%
IVViShares Core S&P 500 ETF-7,773.26311,018.68-2.50%
XLFFinancial Select Sector SPDR Fund-1,180.5940,313.32-2.93%
IVWiShares S&P 500 Growth ETF-1,052.3833,261.03-3.16%
BBEUJPMorgan BetaBuilders Europe ETF-809.5510,250.31-7.90%
JNKSPDR Bloomberg High Yield Bond ETF-719.876,008.34-11.98%
IWFiShares Russell 1000 Growth ETF-690.5665,262.84-1.06%
SPYVSPDR Portfolio S&P 500 Value ETF-637.6414,123.28-4.51%
SMHVanEck Semiconductor ETF-375.098,063.80-4.65%
FXDFirst Trust Consumer Discretionary AlphaDEX Fund-352.401,125.00-31.32%

 

ETF Weekly Flows By Asset Class

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity-13,678.154,122,385.64-0.33%
International Equity639.341,235,273.980.05%
U.S. Fixed Income3,282.001,041,096.860.32%
International Fixed Income231.47155,350.500.15%
Commodities1,192.95174,683.050.68%
Currency88.523,759.282.35%
Leveraged488.6962,260.580.78%
Inverse-116.8017,261.49-0.68%
Asset Allocation-73.7918,636.52-0.40%
Alternatives56.547,411.230.76%
Total:-7,889.236,838,119.13-0.12%

 

Asset Classes (Year-to-Date)

 Net Flows ($, mm)AUM ($, mm)% of AUM
U.S. Equity65,431.664,122,385.641.59%
International Equity54,564.401,235,273.984.42%
U.S. Fixed Income14,310.601,041,096.861.37%
International Fixed Income8,325.80155,350.505.36%
Commodities21,788.24174,683.0512.47%
Currency699.103,759.2818.60%
Leveraged9,430.5362,260.5815.15%
Inverse3,916.0317,261.4922.69%
Asset Allocation625.7018,636.523.36%
Alternatives410.557,411.235.54%
Total:179,502.616,838,119.132.63%

 

Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
GRNiPath Series B Carbon ETN9.37%255,15192.64
KEUAKraneShares European Carbon Allowance Strategy ETF8.53%55,242138.51
KRBNKraneShares Global Carbon Strategy ETF6.19%1,085,3281,445.52
JETSU.S. Global Jets ETF6.00%34,810,8923,627.72
FDTSFirst Trust Developed Markets ex-US Small Cap AlphaDEX Fund5.79%3,64810.87
HAUSThe Home Appreciation U.S. REIT ETF4.53%12,4292.20
VAMOCambria Value and Momentum ETF4.48%38,82130.39
RESIKelly Residential & Apartment Real Estate ETF4.40%1,9741.50
NURENuveen Short-Term REIT ETF3.96%152,216149.45
XTNSPDR S&P Transportation ETF3.94%263,612828.97

 

Top 10 YTD Performers

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
UNGUnited States Natural Gas Fund LP93.76%-10.80%423.70
GAZiPath Series B Bloomberg Natural Gas Subindex Total Return ETN93.55%-11.10%31.21
UNLUnited States 12 Month Natural Gas Fund LP86.17%-11.19%40.57
JJEiPath Series B Bloomberg Energy Subindex Total Return ETN63.14%-5.55%7.24
JJNiPath Series B Bloomberg Nickel Subindex Total Return ETN62.99%-0.82%62.21
RJNElements Rogers International Commodity Index-Energy TR ETN57.20%-5.03%12.38
OIHVanEck Oil Services ETF55.22%-6.99%4,089.68
XESSPDR S&P Oil & Gas Equipment & Services ETF54.84%-7.23%372.53
IEZiShares U.S. Oil Equipment & Services ETF51.95%-6.63%377.20
PXEInvesco Dynamic Energy Exploration & Production ETF51.47%-4.40%285.92

 

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

Dan Mika is a reporter for etf.com. He has previously covered business for the Ames Tribune and Cedar Rapids Gazette in Iowa, and BizWest Media in Fort Collins, Colorado. Dan holds a bachelor's degree in journalism from Truman State University.